LeoVagas Group, an MGM-owned gaming division, has agreed to become the majority shareholder at Push Gaming, a renowned supplier of mobile casino games. The company has announced that the deal will be completed through its LeoVentures Investment division and is part of the strategic plan to invest in content creation and supply. However, a possible amount remains a secret.
If the agreement is successful, Push Gaming will continue to be an independent content supplier with its own management team. In addition, the company will continue to manage all its employees, and the games will continue to be available through its platform and remote gaming server. Also, co-founders James Marshall and Winston Lee will continue their roles as the CEO and COO.
Commenting on the possible takeover, LeoVegas Group's CEO, James Hugman, welcomed Push Gaming to the company's extended family. He lauded the management team for its phenomenal journey to grow the company rapidly to become a leader in the iGaming business.
“Push Gaming has an outstanding track record, proprietary tech, and fantastic intellectual property that will ensure we give customers the very best, cutting-edge entertainment”.
Push Gaming’s chief executive said:
"I'm incredibly proud of what we have achieved to date and this deal is a testament to the work that our team have put in, taking us from start-up to a leading supplier with some of the most recognised games in our industry”.
Marshall continued that the content supplier has ambitious plans, which will accelerate thanks to backing from LeoVegas and MGM. He commented that Push Gaming would scale up its development capabilities and enter more regulated markets.
The acquisition will be subject to relevant approvals, with both companies hoping to complete the deal in Q3 2023. This would mark the first significant investment by the mobile casino app operator since the MGM takeover in November 2020.
MGM Resorts International president, Gary Fritz, said the Push Gaming buyout by LeoVegas is consistent with the company's vision to expand its international digital gaming presence and grow its capabilities over the upcoming years.
“We are pleased to bring Push Gaming into our business as it brings a track record of developing games that are popular and have staying power in the industry, as well as an exceptional management and operating team”.